Just 3 Deals, Over $30M

Manhattan Beach home prices are already near the top tier, in general.

And then there's the top of the top.

Within just a few days here, we've seen more than $30 million in sales go under contract or close within our little city.

Let's take a look at each one.

1240 5th (7br/8ba, 10,009 sqft.) is a huge house on a 15K sqft. lot on a private stretch of 5th Street in East Manhattan, informally known as The Forest, which features oversized lots, clumps of tall trees and both privacy and an air of exclusivity. (So exclusive, one owner is said to be buying up the block for family members.)

This '03 build has been adroitly modernized with outstanding decorator flavor throughout. It's a LOT of house, including a ton of common space opening to the perfectly crisp backyard space, with pool, and both covered and uncovered outdoor living areas.

In Manhattan Beach, we don't generally see the "celebrity angle" pushed much in marketing, even for sports notables, and that's probably best overall. It's the difference between being a low-key beach town and one where people are always whispering to each other, "Did you hear that xxxx or yyyy was looking at houses? You do know that zzzz bought down on Longfellow?" and so on...

That stuff makes for good TV and gossip-mongering, we s'pose, but it just ain't the MB style.

Even while the marketing was low-key here, 1240 5th did attract lots of interest from those few who could consider it, and it now has a deal, after a recent re-pricing to $11.299M.

(1240 5th is listed by Nicholas Schneider, Compass.)

Among closed sales, there's a new big one in the Hill Section.

700 John (9982 sqft. lot) has to be seen as a land sale, although there is a 6br, 4770 sqft. house on site now.

The lot was first purchased in June 2021 at $8.700M.

Did that seem like a lot for a lot?

Now it has closed for $10.000M, in an off-market sale that followed two listings that consumed most of 2023 (asking $10.475M and then $9.999M).

For much of its run in 2023, 700 John was offered along with architectural plans for a mega house (7200 sqft.), although some buyers found that particular design a bit spendy for what could be a 3-year build.

Then again, when you start at $10M for dirt, what's holding you back?

The price at 700 John dovetails with another off-market sale of a roughly 10K sqft. lot nearby – so close, you can see the roof in this aerial photo of 700 John if you know where to look – at 821 8th, which sold off-market in July.

That sale was also for $10.000M, with the special factor that a neighbor bought it, perhaps for view protection.

The last big recent sale causes us to move on a bit closer to the beach. 

401 27th (4br/6ba, 4227 sqft.) is a home we have called "huge and special, exhibiting warm, understated luxury and featuring surprisingly good ocean views."

The home features an uncommonly large, 4000 sqft. corner lot, which benefits from some gradual upslope from front to back. That favorable slope puts the third floor significantly above the 3-story homes on the west side of Alma, across the street.

The product is virtually without precedent east of Highland. We looked at Sand Section sales north of Marine and east of Highland, and found the top 3 sales all in the $7Ms (highest: new construx at 441 26th [6br/5ba, 5972 sqft.], at $7.775M almost exactly one year ago today).

401 27th began at $9.750M, and needed just 4 weeks on the market to find its buyer. 

(401 27th is listed by Robb Stroyke, Bayside.)

And if you like big, modern homes in the North End, there'll be a new one on the market on Friday, with a healthy asking price as well.

Perhaps if people keep buying, we're going to keep getting supply.